Since it is the first of the year, it is still great fun to talk about money! Last blog you got on it and created a plan to find out if you were meeting your monthly nut. Today, I thought it would be fun to take a look at a few hints or “sound bits” that you might do immediately and make more money.
- RAISE YOUR FEES: Even a small increase of fees will bring you substantially more revenue. Its January and the perfect time to tell your clients that its time to raise fees. Or, don’t tell them until you start doing it and ask if they want to pay you a retainer now at the old fee scale. Money will go into your trust account and be reimbursed if it isn’t used but it will be accessible immediately, saving your wait time.
- PAY YOURSELF FIRST: This is one of the oldest but wisest tips for earning more. When you get revenue put 10% of it in a interest earning (LOL) bank account that is sacrosanct and don’t touch it.
- NEVER DO ANY WORK THAT YOU CAN HIRE OUT AT LESS THAN YOUR NORMAL HOURLY FEE AMOUNT. This is one of the hardest but best advice I could give you. First decide how much your hourly worth is. Please say at least $200. Then look around and see if you are doing anything that is not going to increase your revenue for less than that amount. In other words, networking and marketing will produce your correct hourly rate so its worth $200 an hour to do it! But doing your own accounts and taxes that can be done by an accountant at $40 an hour is not worth your time or effort!
- BUDGET,BUDGET,BUDGET. Look over that P & L statement each month and see if you can find any places that you can reduce your expenses.
- HIRE A LEGAL COACH. We can always save you money with careful planning and increasing your revenue!!!!!
STAY TUNED, I’M REALLY JAZZED ABOUT THIS TOPIC AND YOU WILL SEE FURTHER BLOGS.(orange is the new ………….)